New Year Savings Challenges – You CAN do it!

Saving money is one of the most popular New Year’s resolutions. But less 1 in 3 people (31%) actually manage to stick to it for the year according to research by YouGov.

To give you the best chance of succeeding with your saving goals, there are some great tricks you can use to help inspire and support you on your way.

We’re big fans of savings challenges here at the credit union. They can really help make saving fun and break down a larger savings goal into more manageable chunks. Once you’ve got started, you’ll be surprised how quickly savings build up and you’ll be motivated to keep going.

Completing a savings challenge could be your 2024 resolution in itself, or it could help towards a bigger savings goal, such as saving for a holiday or special occasion. So, whether you’d like a little inspiration to just put away a bit extra, or if you have a specific target to go for, why not save your excuses this year, and make saving your resolution instead?

Here a few ideas to get you motivated. And If you have any other suggestions do get in touch to let us know so we can share your tips with other members.

365-day challenges:

The 1p savings challenge
Start by saving 1p on 1st January, 2p on the 2nd and so on – saving what you saved the day before, plus a penny more each day – right the way up to £3.66 saved on the last day of December. This would give you £671.61 in 2024 (And don’t worry if you didn’t start on 1st January, you can still catch up!)

The £1 savings challenge
Feeling a bit more ambitious with you savings goal? Then try the £1 savings challenge: £1 Monday, £2 Tuesday and so on…adding up to £28/week and a £1456 total at the end of the year

52- week challenge:
£1 for the first week of the year
£2 in week 2
£3 in week 3 and so on – with £52 In the final week – adds up to £1,378 over the course of the year

Monthly savings challenge

This 12-month savings challenge encourages you to save a little more every month. Begin with £10 and gradually increase each month. For example, save £10 in the first month (January) and £20 in the second month (February). If you stick to the challenge, your monthly savings will look like this:

January – £10

February – £20

March – £30

April – £40

May – £50…and so on

At the end of the year, you’ll have saved £780!

Save with The Co-op Credit union

Once you’re up and running with your savings challenge, you can keep your savings safe as they grow in your Credit Union Savings account.

There are several ways to pay into your account, either regularly, or as a one-off payment. You can even set up named ‘savings pots’ with us to help you reach your savings goals for something special like Christmas, or a wedding or a holiday.

Find out more about saving with us here – and good luck!